Shanghai Shimao Commercial Group plans to spend 1.8 billion yuan (HK$2.04bn) co-developing a retail-office-hotel project on its newly acquired site in Qingdao, Shandong.
Earlier this month, Shanghai Shimao and Shiao Property Development, a wholly owned subsidiary of Qingdao Urban Development, jointly acquired the site for 920 million yuan.
Lawrence Hui, the chief financial officer of Shimao Property Holdings, which holds 64% of the Shanghai-listed company, said construction costs would be twice the cost of the land, bringing the total investment to about 2.7 billion yuan.
The site will be developed into two towers - a 310-metre office building and a 280-metre hotel-and-retail block.
'The 310-metre tower will be the tallest building in Shandong,' said Hui.
The project will have a total gross floor area of 240,000 square metres.
South China Morning Post